Thursday, November 12, 2009

Chicago 'stagnant' on job growth, earns low marks in study

Crain's:
The Chicago metropolitan area ranks No. 148 out of 200 U.S. metro areas in an annual report on the nation’s “best performing” cities.

The Milken Institute index ranks cities on their ability to create and sustain jobs and measures employment, salary growth and technology output. Chicago’s low rating reflects a lack of growth in salary and wages, as well as a decline in employment, said Kevin Klowden, managing economist at the Santa Monica-based research firm.


“ ‘Stagnation’ is a good word” to describe the city, Mr. Klowden said. “The city has been stagnant for a few years. Chicago isn’t seeing massive, horrible layoffs as other metros, but if you combine the performance of the last five years with the job losses from this past year, the city isn’t doing very well.” Unemployment in metropolitan Chicago has hovered around a level not seen in 26 years. In September, the local jobless rate rose to 10.1%, up from 9.6% the prior month and 6.2% in September 2008, based on figures released by the Illinois Department of Employment Security. This year’s peak was 11.3% in June, the highest since July 1983.
I think some re-evaluation of why this is the case has to go on here!

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